研报掘金丨开源证券：云铝股份绿色铝α属性凸显，维持“买入”评级

Core Viewpoint - The report from Open Source Securities indicates that Yun Aluminum Co., Ltd. is expected to maintain profitability due to sustained high aluminum prices, with increasing dividend value enhancing investor confidence [1] Financial Performance - For the first three quarters of 2025, the net profit attributable to the parent company reached 4.398 billion yuan, representing a year-on-year increase of 15.14% [1] - In Q3 2025, the net profit attributable to the parent company was 1.63 billion yuan, showing a year-on-year growth of 25.31%, but a quarter-on-quarter decline of 9.09% [1] Future Outlook - Looking ahead to Q4 2025, high aluminum prices are expected to persist, while alumina prices are entering a downward trend, which, combined with lower costs and higher sales prices, is likely to drive significant profit growth [1] Dividend Policy - The company announced a cash dividend distribution of 1.11 billion yuan for the first half of 2025, which accounts for approximately 40.10% of the net profit attributable to shareholders, an increase from 32.23% in 2024 [1] Sustainability - The company’s green aluminum α attributes are highlighted, maintaining a "buy" rating [1]